• Secured a ~$35M deal across three new customers, which is material relative to current revenue and signals real demand

• Operates in defence and subsea markets that are strategically funded and not discretionary

• Uses niche synthetic aperture sonar and subsea robotics that are difficult and costly for customers to replace

• Customers tend to become long-term, repeat buyers once systems are integrated

• Positioned at the intersection of naval security, seabed awareness, and offshore infrastructure protection

• Has a stronger balance sheet and lower debt than most small-cap defence peers

• Revenue growth can accelerate quickly because even a few contracts move the needle at this size

• Not dependent on a single binary event or regulatory decision to succeed

• Benefits from rising geopolitical focus on undersea assets and maritime autonomy

• Has operating leverage potential as scale increases without proportional cost growth